Technical Analysis
Asian Currencies Technicals
AUD/USD: Closes above key moving averages. The pair has closed above both 100 and 200 day moving averages with focus firmly on the April monthly highs.
Daily FX Technical Strategy: SEK on the launchpad
In the run up to the Independence Day holiday in the US, FX trading is likely to become increasingly choppy and listless. One bright spot though could be the Swedish Krona, which is on the cusp of delivering a series of major bullish signals.
FX Trends daily (FOCUS: EUR/JPY)
Next week, the EUR/JPY cleared a resistance at 101 (upper bound of a short-term bearish channel). This signals an extension of the uptrend and the test of a barrier at 101.65 (June 2012 peak).
Technical Analysis
Mid body reactions, EUR/SEK 8.6990 a must watch… EUR/USD Mid body test… USD/JPY Still struggling with the line… EUR/SEK On the verge of breaking… USD/SEK Waiting for signs of buying… EUR/NOK Very strong rejection… NOK/SEK Last line of defense.
FX Market Technical Research
EUR/USD: The euro sees mixed daily studies with the stochastic recovering in neutral territory but 10-day momentum fading at the zero line.
Asian Currencies Technicals
AUD/USD: Consolidates Fridays move higher. The AUD now sees initial support at yesterday’s low of $1.0212 but back below the 2nd layer of support at $1.0158 is needed to shift the immediate focus away from a continuation higher that sees the April monthly highs targeted.
Daily FX Technical Strategy: Downbeat mood fails to lift
Heavy volumes in FX markets on Friday combined with wide trading ranges in many USD markets point to squaring out of long positions.
FX Trends daily (FOCUS: GBP/NZD)
GBP/NZD On the last trading sessions, the GBP/NZD has extended its downtrend and has broken below a support at 1.9558 (61.8% retracement of February to May 2012 upward wave and short-term support trend line).
Technical Analysis
After the big moves, the impulsive relief moves post the EU summit, we probably will see the market digest the moves over the coming days. In general we should be looking for mid body tests (of Friday’s benchmark candles).
FX Market Technical Research
EUR/USD: Bulls Focus on Mid-June High. The EUR makes a sharp recovery over the 5 & 21-DMAs, which turn initial support at $1.2535/58 to reach a $1.2693 high.
Asian Currencies Technicals
AUD/USD: Shift in focus targets April highs. Close above the key $1.0220 level sees focus on a higher levels targeting the $1.0469 April monthly highs with a close back below the $1.0150 level needed to shift immediate focus back to the parity region.
FX Trends daily (FOCUS: AUD/JPY)
AUD/JPY After a slight consolidation, the AUD/JPY has gone back to the recovery and should test, over the coming trading sessions, a resistance at 81.58 (June 2012 peak).